Energy Partnership
Modiin Yahsh
+6.79%
Base:700
opening:706
High:768.9
low:706
change:2,016,947
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Which deals with oil and gas exploration, announced this morning to the stock exchange that the board of directors approved last Thursday raising capital for the partnership by private offering to a number of institutional entities and investment funds, including institutional entities holding the partnership’s securities at the time of raising NIS 25 million.
The capital was raised by purchasing 45,290 bonds consisting of each of 80 participation units at a price of NIS 6.9 per unit equal to the closing price of the partnership unit last Wednesday (and a 1.5% discount on the share price which stood at NIS 7 per unit this morning) and 60 non-negotiable warrants without consideration, each of which can be exercised into one participation unit for a period of 30 months from the date of its issue at an exercise price equal to NIS 10 per option.
The value of the benefit inherent in the option reflects a discount of about 4% on the closing price. From the partnership reported Because at the time of this report there is no certainty that the raising under the private offering has taken place and what its final terms will be when it is subject to the approval of the relevant parties (including the existing shareholders of the partnership). The terms of the recruitment in the private proposal, insofar as it is implemented, will be specified in the meeting convening report.
The partnership is traded in Tel Aviv at a value of NIS 132 million and the share price was NIS 7 this morning. In its latest reports, the partnership reported revenues of about $ 7 million compared to $ 374,000 in the same quarter last year, mainly due to the effects of the Corona crisis on the energy sector and thanks to its Colorado oil field, where Modiin acquired rights prior to the report. Net income was $ 1.6 million, compared to a loss of $ 2.76 million in the same period last year.
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